Sequoia Capital India has announced an investment of $7 million in Carzonrent India Pvt Ltd, the exclusive long-term licensee of Hertz in India. A joint statement claims that Carzonrent is the market leader in the organized car rentals market in India through its Hertz branded services. They also have online booking service. With Sequoia’s investment, the company plans to expand its services to new cities, strengthen its existing offerings as well as enter into related businesses. Sandeep Singhal, Managing Director, Sequoia Capital India, will be joining the board of Carzonrent India.
Carzonrent is the exclusive licensee of Hertz for India. It offers 2 driving preferences – Chauffeur Drive and Self Drive and within each of these there are several rental options like – a simple airport pick & drop, local usage, intercity travel and one-way rental to more customized ones like long-term rentals, fleet management and operating lease.